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During good times this story would be enraging and a slap in the face during a pandemic.
But seeing this story after a lack of relief for months, this is a real punch to the gut.
Rant incoming (1/?)
https://www.bloomberg.com/news/features/2020-12-09/elon-musk-jeff-bezos-use-opportunity-zone-tax-breaks-for-private-space-race?sref=lXgdCNJF via @business
But seeing this story after a lack of relief for months, this is a real punch to the gut.
Rant incoming (1/?)
https://www.bloomberg.com/news/features/2020-12-09/elon-musk-jeff-bezos-use-opportunity-zone-tax-breaks-for-private-space-race?sref=lXgdCNJF via @business
When I first got to @amprog about 2.5 years ago the first thing I worked on were Opportunity Zones. This was right when the Senate Rs passed the Tax Cuts & Jobs Act.
I wrote about how OZs leave many people behind. https://www.americanprogress.org/issues/economy/news/2018/10/19/458989/treasury-departments-regulations-opportunity-zones-ignore-communities-serve/ (2/n)
I wrote about how OZs leave many people behind. https://www.americanprogress.org/issues/economy/news/2018/10/19/458989/treasury-departments-regulations-opportunity-zones-ignore-communities-serve/ (2/n)
One quick note: for all those deficit hawks and austerity hawkers who are NOW worried about debt - start by repealing the TCJA. That would provide a lot of revenue and help with deficit reduction. (2b/n)
Anyway (I will be digressing a lot - this thread wasn't planned).
The original bill by @SenatorTimScott & @SenatorBooker had some transparency and (meager) accountability measures.
However, since it was snuck into the TCJA, those provisions were stripped out. (3/n)
The original bill by @SenatorTimScott & @SenatorBooker had some transparency and (meager) accountability measures.
However, since it was snuck into the TCJA, those provisions were stripped out. (3/n)
Fine, then just push a bill that adds in reporting requirements and accountability measures.
Here is an example from @jacsamoby (4/n): https://www.cbpp.org/blog/bills-aim-to-curb-opportunity-zone-abuses
Here is an example from @jacsamoby (4/n): https://www.cbpp.org/blog/bills-aim-to-curb-opportunity-zone-abuses
This work on OZs allowed me to collaborate with a lot of cool people. From @amprog, I worked with @SethHanlon, @Frederc10, & @Geo2192. From @CenterOnBudget, @jacsamoby & @dashching, and my old @urbaninstitute office neighbor, @BrettTheodos: quoted in the article. (4b/n)
Back to thread - OZs came into being January 2018 and now nearly three years later we have so NO legislative action.
Fear not, IRS could've given guidance to ensure transparency, as I wrote here after attending an OZ hearing. (5/n) https://www.americanprogress.org/issues/economy/news/2019/04/25/469039/treasurys-second-set-guidelines-opportunity-zones-still-leaves-struggling-communities-behind/
Fear not, IRS could've given guidance to ensure transparency, as I wrote here after attending an OZ hearing. (5/n) https://www.americanprogress.org/issues/economy/news/2019/04/25/469039/treasurys-second-set-guidelines-opportunity-zones-still-leaves-struggling-communities-behind/
It would not be a surprise to learn that the Treasury led by Mnuchin did not issue guidance to ensure that the benefits from the incentive flow to existing residents. (6/n)
One incredibly annoying aspect of OZs is how often Trump uses it to show what he has done for the African American community.
Last I checked, Jeff Bezos and Elon Musk are white. Elon Musk is from South Africa, but he ain't Black. (7/n)
Last I checked, Jeff Bezos and Elon Musk are white. Elon Musk is from South Africa, but he ain't Black. (7/n)
In fact, this wouldn't be the first time Jeff Bezos has benefitted from OZs.
Remember HQ2? Yep, the New York and DC area selections were in OZ tracts. From me & @Frederc10 (8/n): https://www.americanprogress.org/issues/ext/2018/11/15/461133/amazon-nfl-trump-get-rich-off-tax-break-thats-supposed-help-poor-people/
Remember HQ2? Yep, the New York and DC area selections were in OZ tracts. From me & @Frederc10 (8/n): https://www.americanprogress.org/issues/ext/2018/11/15/461133/amazon-nfl-trump-get-rich-off-tax-break-thats-supposed-help-poor-people/
Incidentally, my work on OZ led to my first quote in the New York Times and the Wall Street Journal. (9/n): https://www.nytimes.com/2019/04/17/business/economy/opportunity-zones-treasury-regulations.html
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